Shriram-ASK Fund buys stressed property in Bengaluru

14 Dec 2022 CW Team

Shriram Properties has acquired a stressed plotted development project from IIFL in a deal valued at around Rs 1.25 billion. This is the maiden acquisition under the co-investment platform set up recently by Shriram with the ASK Property Fund.

The transaction involves the acquisition and development of 鈥楪olden Ira鈥�, a project of the Golden Gates Group that was a stressed asset with lending entities that are a part of the IIFL Group.

Golden Ira is an approved plotted development project located at Dodballapur in North Bangalore, with an aggregate saleable area of around 1 million square feet. The project has the necessary approvals in place already and also partially completed infrastructure.

Shriram Properties acquired the Project from IIFL Group entities through Shriram Properties Housing Projects Pvt Ltd, a wholly-owned subsidiary of the company.

鈥淭his is yet another successful acquisition of a stressed asset by us in recent months. This addition will strengthen our launch pipeline for FY23, and we will focus on unlocking value through accelerated execution and timely delivery,鈥� said Murali M, chairman and managing director of Shriram Properties.

In October, ASK Property Fund, the alternate asset investment arm of the ASK Group, agreed with Shriram to set up a Rs 500 crore investment platform for the acquisition of residential real estate projects across southern India.

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